News - BlackRock CEO: Crypto "will overtake every single currency".

By Ted Maas

BlackRock CEO: Crypto "will overtake every single currency".

Bitcoin (BTC)
Crypto acceptance

BlackRock CEO Larry Fink once again speaks positively about the crypto sector. In doing so, he compares Bitcoin and Co. to other currencies.

Larry Fink does it again: after the BlackRock CEO spoke positively about Bitcoin and Co. in an interview with Fox Business, he returns to digital assets. His conclusion: he expects cryptocurrencies to become traditional currencies "inhale" - including the U.S. dollar.

"Because it is so international, [crypto] will outperform any single currency in terms of currency valuation," the CEO told CNBC, also regarding the devaluation of the U.S. dollar.

For the CEO of the world's largest asset manager to speak out in this way in favor of crypto may come as a surprise to some. As recently as 2017, Fink was negative: "Bitcoin just shows how great the demand for money laundering is in the world." Since then, however, Fink and BlackRock have been on a veritable cryptocurrency spree. Last month, BlackRock filed an application for a bitcoin spot ETF with the US Securities and Exchange Commission, a stunner for the crypto sector. Other asset managers, such as Fidelity and Ark Invest, followed suit.

"We believe we have a responsibility to democratize investing", Fink explained of the Bitcoin ETF application. "We work with our regulators because, as with any new market, if the BlackRock name is on it, we have to make sure it is safe, sound and reliable."

Read in this commentary how Larry Fink's opinion about Bitcoin en Co. has changed over the years.

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